Drawing distances are not always noticable in other games as they have not that viewing range and tnhey use crappy effects to minimze the problem.
Second topic is, that it is a streaming engine. It not only depends what you set in the config or not only on the power of your cpu and gpu. It depends on vram, ram and also very much on your drives. Using a ssd will improve streaming. You can alsi see that in other large scaled games like arma 2.. And there you normally have server sided restricted view distances of about 4km. So clod is using perhaps 20km? (not sure) to have it all in place without popping up, you will need a new generation of computers with a whole bunch of new connections, buses, etc. The workload is big and as long as computers are still depending on approaches from consiles, this revolution will not happen alone.
It is simply stuck technically to create games with streaming engines, big textures and high viewing range. The current pc is not capable to sort out that priblems.

Not an opinion, but a fact that everyone knows, who is going a bit deeper into the technical side. It is not always bad programming, but it is also a technical hurdle, that prevents streaming engines to be totally running sufficiently in detail.